These Stocks Moved the Most Today: Palantir, Vertex, Hims & Hers, Coinbase, BP, and More

A trader works the floor of the New York Stock Exchange. (TIMOTHY A. CLARY/AFP via Getty Images)

Stocks were mostly lower Tuesday, as a rally triggered by rising rate-cut odds ran out of steam and investors prepared for a flood of earnings reports.

These stocks made notable moves:

Palantir Technologies was up 7.9% after the data-analytics company reported second-quarter earnings that blew past Wall Street’s expectations. Revenue surged 48% to just over $1 billion, ahead of analysts’ expectations for 38% growth. The company, which makes AI-powered software to manage and analyze large amounts of data, also boosted its full-year guidance. Palantir expects revenue of $4.14 billion to $4.15 billion, up from a prior outlook of $3.89 billion to $3.9 billion.

Pfizer shares rose 5.2% in after second-quarter earnings came in above expectations. Adjusted earnings of 78 cents a share on revenue of $14.7 billion topped calls for 58 cents a share on revenue of $13.6 billion, according to FactSet.

Vertex Pharmaceuticals sank 21%. The drugmaker said it wouldn’t advance its next-generation pain medication after failing to meet the primary endpoint in a recent study. The news overshadowed an otherwise strong second-quarter print, as adjusted earnings of $4.52 a share and revenue of $2.96 billion beat expectations.

Shares of Hims & Hers Health declined 12%. The telehealth platform posted lower-than-expected profit and revenue in the second quarter and reiterated its full-year outlook. Management projected revenue of $570 million to $590 million for the current quarter, below Wall Street estimates of about $580 million at the midpoint of the range.

Coinbase Global was down 6.3%. The crypto exchange unveiled a convertible note offering worth up to $2.3 billion on Tuesday. Coinbase said it plans to offer $1 billion in convertible senior notes due in 2029, and $1 billion due in 2032 in a private offering. The company also expects to grant options to purchase up to an additional $150 million of each set of notes.

Kyndryl, the IT infrastructure services company, reported worse-than-expected quarterly revenue after the closing bell Monday. Revenue was roughly flat in its first fiscal quarter at $3.74 billion, below analysts’s $3.8 billion estimate. Profits though, were sharply higher, up 44% year-over-year. Shares were down 21% on Tuesday.

DuPont gained 2.4% after the materials and chemicals company posted better-than-expected earnings in the second quarter. Adjusted earnings of $1.12 a share topped the $1.06 a share analysts had anticipated, while revenue of $3.3 billion was slightly above the $3.2 billion Wall Street had forecast.

Caterpillar shares reversed earlier losses and gained 0.1%. The maker of construction equipment reported adjusted earnings of $4.72 a share on revenue of $16.6 billion in the second quarter. Analysts had expected adjusted earnings of $4.89 a share on revenue of $16.3 billion.

Galaxy Digital fell 4.2%. The financial services and investment management company posted adjusted earnings of 8 cents for the second quarter, missing the 18 cents analysts were looking for. Revenue of $9.1 billion came in well below calls for $13.9 billion.

Eaton tumbled 7.4% after the electric-equipment maker said it sees full-year adjusted earnings between $11.97 and $12.17 a share, compared with analysts’ expectations of $12.03. The company reported second-quarter adjusted earnings of $2.95 a share and revenue of $7 billion, largely in line with Wall Street’s expectations.

Axon Enterprise surged 16% after the Taser manufacturer hiked its full-year outlook and reported second-quarter earnings above expectations. Sales climbed 33% to $669 million, beating analysts’ calls for $641 million, while adjusted earnings of $2.12 a share surpassed the FactSet consensus estimate of $1.45 a share. The company now sees full-year revenue in the range of $2.65 billion to $2.73 billion.

U.S.-listed shares of BP gained 3.4%. The major oil producer reported better than anticipated second-quarter results and said it would review its asset portfolio and consider cost cuts. BP posted underlying replacement cost profit of $2.4 billion, down 14% from the previous year but far above the $1.8 billion consensus estimate from a company-provided survey of analysts.

BWX Technologies jumped 18%. The supplier of nuclear components posted adjusted earnings of $1.02 a share on revenue of $764 million, beating expectations.

Earnings reports were expected after the close Tuesday from Advanced Micro Devices, Apollo Global Management, Amgen, Arista Networks, Astera Labs, Lucid Group, Rivian Automotive, Snap, Super Micro Computer, and Camtek.

Corrections & Amplifications: Advanced Micro Devices is scheduled to report earnings after the market closes on Tuesday. An earlier version of this article incorrectly said AMD releases results before markets open.

Write to Elsa Ohlen at elsa.ohlen@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com